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Simple English definitions for legal terms
will contract
Read a random definition: FERC
A quick definition of will contract:
A will contract is a special type of will that creates a legally binding agreement between two parties. Instead of just giving away property as a gift, the person making the will promises to leave property to someone else in exchange for something of value, like money or services. This means that the promise must be kept, even after the person making the will has passed away.
A more thorough explanation:
A will contract is a legally enforceable agreement made through a will. It is created when a promise is made and supported by consideration to leave property by will to the promisee or other third-party beneficiaries.
For example, if John promises to leave his car to his nephew in his will in exchange for the nephew taking care of him in his old age, this creates a will contract. The nephew has provided consideration (taking care of John) in exchange for the promise of the car in the will.
Another example is if a couple agrees to leave their house to their children in their wills in exchange for the children paying off the mortgage on the house. This creates a will contract because the children have provided consideration (paying off the mortgage) in exchange for the promise of the house in the will.
Overall, a will contract is a way to create a legally binding agreement through a will, as long as there is a promise and consideration involved.